It's not a bond, it's a preferred stock that pays a variable rate from a pot of money that will last about 2 years.
There is no obligation to pay anything, especially if the money runs out.
To refill that pot of money he has to sell new shares of $MSTR therefore diluting existing $MSTR shareholders.
If $BTC price goes down or stays flat when needing to sell new $MSTR, the bigger the dilution.
In the end, this is still speculative bet on Bitcoin. Same level of risk, less reward.
Obligations from the preferred seem to be just $900 million per year. So the pot will run out in a bit more than 2 years.
To replenish the pot they'll need to sell new shares of $MSTR , basically diluting existing share folders and if $BTC does not rise or stays flat it will force to sell more, dilute more the next time the pot need to be filled up again.
@LevinBurant Or they have leveraged efficiencies with AI or they are positioning themselves for a more attractive acquisition by jettisoning dead weight.
Maybe both.
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My Portfolios Daily Returns Last Week
Friday February 20th 2026
My Dividend Factory +0.94% π’
My Dividend Value +0.68% π’
My Growth Portfolio +0.68% π’
Thursday February 19th 2026
My Dividend Factory -0.21% π΄
My Dividend Value -0.26% π΄
My Growth Portfolio -0.10% π΄
Wednesday February 18th 2026
My Dividend Factory +0.62% π’
My Dividend Value -0.19% π΄
My Growth Portfolio +0.69% π’